Tether Appoints Philip Gradwell to Boost USDT Transparency
YEREVAN (CoinChapter.com) — Tether is increasing transparency on its stablecoin usage with a key new hire. On July 15, Tether announced the appointment of Philip Gradwell as head of economics. Gradwell, formerly the chief economist at Chainalysis, will focus on quantifying and communicating Tether’s USDT usage to regulators and stakeholders.
After six years at Chainalysis, Gradwell brings extensive experience in blockchain analytics. His role involves examining USDT data worldwide. Since 2017, USDT has seen daily trading volumes in the billions. According to Messari data, the stablecoin’s 24-hour trading volume recently hit $32.23 billion.
Gradwell stated that many people still view digital assets as a mystery due to the industry’s focus on technology over practical use cases. His goal at Tether is to shift the conversation towards understanding digital assets’ real economic uses and how USDT supports dollar hegemony.
Gradwell to Enhance Tether’s Regulatory Engagement in the U.S.
One of Gradwell’s primary duties is engaging with regulators, especially in the United States. Tether has had a mixed relationship with federal agencies, marked by both cooperation and scrutiny.
In February 2021, Tether and its sister company, Bitfinex, settled with the New York Attorney General for $18.5 million. The settlement addressed allegations that Tether misrepresented the amount of fiat collateral backing its tokens. As part of the settlement, Tether agreed to provide quarterly reports on its reserves for two years and was banned from operating in New York.
Recently, Tether has made moves toward greater government cooperation. The company onboarded the United States Federal Bureau of Investigation to its platform. In March, Tether also assisted the US Department of Justice in recovering approximately $1.4 million in stolen USDT from an unhosted digital wallet.
According to Tether, Gradwell will be instrumental in “enhancing communication with regulatory bodies and stakeholders.”
USDT Holds Strong with 69% Market Share Amid Government Scrutiny
Government scrutiny of the crypto industry has impacted USDT’s market share. Despite challenges, Tether’s market dominance has grown. USDT now holds a 69% market share, followed by Circle’s stablecoin, USD Coin (USDC).
Data from DefiLlama shows USDT’s current market capitalization at $112 billion. This dominant position highlights the importance of transparency and regulatory engagement for Tether.
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